I hope you have read the posts by now in which I have described my swing trading system in great detail. If you haven’t downloaded my swing trading system, you can do that just now by subscribing to my Swing Trading Newsletter. Once you subscribe to my Swing Trading Newsletter, you will be able to download my Swing Trading System FREE plus get a number of posts where I explain my simple forex system in full detail. The basic idea is to catch the big moves on the H4 timeframe with the help of divergence patterns. Now divergence trading can be tricky. Most traders complain about false divergence signals. The truth is simple. You need other indicators that need to confirm the divergence signal before you make the trading decision. Now this might interest you. I am starting my Million Dollar Challenge from 1st January 2014. And the good news is this: you can also join me. This is what I plan. I plan to start with $300 only and double this amount every month. Do the maths. You just need 12 steps to convert this amount into a sum of more than a million. Let’s do the calculations!
Starting Capital $300
As you can see from the above table, you don’t need a big starting capital. Now if you are able to double the account equity every month, you will reach your goal in 12 months. It is not necessary that you double the account every month. You just need to double the account 12 times and you have achieved your goal of one million. Now this is our simple trading plan.
The next step is how to convert this trading plan into reality. For that you need a system. If you have been following my posts, you by now know about my simple swing trading system. A swing trade with my system can last from 20-30 days and can make 400-600 pips per trade. We just need 200-400 pips every month to implement our trading plan. I am starting this challenge from 1st January 2014. Many people had emailed me as they wanted to join. So I have set the date for starting this Million Dollar Challenge on the first day of 2014. You just need $300 to join me. If you are interested in joining me, simply open a live account with my broker AFBFX and make a deposit of $300. After that send me an email and I will subscribe you to my Swing Trading Signals. Now if you read this post after a few months, don’t worry. Many people emailed me that they wanted to join without opening an account with my broker. After giving it a thought, anyone who is a serious trader can join us. You can open an account with my broker if you want but if you have your own broker, you can still trade live with us. Simply join us. As said above you just need to double the account 12 times in order to reach your target of a million. This will be our Risk and Money Management Strategy:
$300 2 Lots of 0.08 size
$600 2 Lots of 0.16 size
$1200 2 Lots of 0.32 size
And so on. At every step you will be doubling the lot size. Now an important thing about entry. We will always enter a new swing on a retracement. If you had read my first post, I had explained in detail the Elliott Wave Principle. There is always a corrective wave after the first impulse wave meaning there is always a retracement after the first move. This retracement serves two purposes. It confirms the divergence signal plus you can get as close as possible to the swing high or the swing low to make an entry. This is precisely what we will be doing. So if you are interested in joining me, I highly recommend that you open an account with my broker AFBFX with a deposit of $300. Once you have done that send me an email and I will subscribe you to my Swing Trading Signals.
As said above, expect something like 1-2 signals every month. These will be sufficient to double the account. Now this trading challenge is partly an attempt to help my broker get more clients as well. My broker had repeatedly asked me to work for them as an IB which I accepted after many months. I find this broker to be good and honest. The executions are fast, the spreads are small. The margin requirement is also low which means we can pyramid our positions when a nice opportunity presents ourself.
I have also started a Swing Trading Signals Facebook Group. In the settings I have made this Facebook Group secret meaning only members can see this group and post in it. I will be posting the Swing Trading Signals in that group plus the members can post there questions. When you open an account with my broker, send me an email that you want to join my Swing Trading Signals Facebook Group.